1.1BACKGROUND OF THE STUDY
The ideal of establishing indigenous financial institution come into effect after the end of the First World War (1914). This gave rise to the establishment of the national bank of Nigeria ltd in (1933), African continental bank ltd in (1947), but before the emergency of the indigenous banks, the standard bank (now first bank of Nigeria plc) had commenced banking operation in (1894).
In (1958), the central bank ordnance was passed out and it commenced operation in July 1st 1954. after the development may other financial institution sprang up. These includes development banks commercial banks, merchant banks, community Banks, insurance company etc. indeed their emergency was largely informed by the need to contribute positively to the growth and development of Nigeria economy.
In Nigeria today, there are about one hundred and sixty-eight (168) banks and over ninety-four (94) insurance companies operating various business of large scale dimensions.
As the economic government stands at the moment, it is one that really posses a challenging task before all these financial institution. Our financial resources need to be properly and judiciously utilized. Small –scale industries as well as adequate funds in their stages of development need adequate funds to put them on solid footing. Farmers equally need sufficient credit facilities to enable them put more effort in agricultural investments.
In the same vain, individuals as well as government need money to embark on valuable and profitable economic ventures. Against these for going background, it is evident that the Nigeria dream of building a safe and sound that economic structure will come to nothing in the absence of revable and well tailored financial institutions. For better understanding of this research work, I have organized these work-ups into chapters.
Chapter 1-3, which includes this introduction embodies, names of selected financial institution and the three looks at the problems confronting financial institutions, conclusion and recommendation,
TABLE OF CONTENT
Title page i
Approval page ii
Dedication page iii
Proposal page v
Table of contents vi
1.0 Introduction 1
1.1 Background of the study 1
1.2 Purpose of the study 2
1.3 Significant of the study 4
1.4 Lamination of the study 5
1.5 Definitions of the term 5
2.0 Names of selected financial institution 7
2.1 Roles of some selected financial institution 8
2.2 Objectives of Bank and other financial 17
Institution and their function 31
2.3 Problems facing financial institution in Nigeria
2.4 Roles of insurance companies in the development 39
Of the economy
3.0 Summary of findings, conclusion and Recommendation 43
3.1 Findings 43
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